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MIAMI — One of America’s landmark homes, the Miami Beach mansion that once belonged to Italian
fashion designer Gianni Versace, was sold at an auction yesterday for $41.5 million to a business
group that includes the owners of the Jordache jeans brand.

The 1930s-era Mediterranean-style estate, which has 10 bedrooms, 11 bathrooms and a pool inlaid
with 24-karat gold, was auctioned off as part of a bankruptcy proceeding by its current owner,
telecom magnate Peter Loftin. Bidding opened at $25.5 million and the winning offer was made by the
current mortgage holders of the property, VM South Beach, a company affiliated with New York’s
Nakash family, which controls Jordache Enterprises.

The group beat out two other bidders, including billionaire Donald Trump and a Florida developer
who owns the Palm Beach Polo and Country Club.

Potential buyers participated in a poolside auction at the three-story, 23,000-square-foot
mansion on Miami’s Ocean Drive. The property is now known as Casa Casuarina.

The Nakash family jointly owns a hotel next door to the mansion with the Gindi family, who
founded the Century 21 department-store chain. They plan to consolidate the properties to create a
hotel that will possibly carry Versace’s name.

Joe Nakash told reporters he plans to ask Versace’s family for permission to name the property
the Versace Hotel Villa.

“Everything will stay as is,” he said. “It’s history. Every day you see how many people take a
picture of this place.”

Bidders were required to sign a confidentiality agreement and meet financial requirements that
included a $3 million deposit and proof of funds to pay at least $40 million. The sale was a cash
transaction.

In 1997, Versace was gunned down at the mansion’s entrance gate by serial killer Andrew Cunanan.
Three years later, Versace’s family sold the property to Loftin.

The property was initially listed with an asking price of $125 million. The price was later
lowered to $75 million before it wound up in bankruptcy proceedings.